Our Market followed Dow Jones on Friday and opened with a gap down and at one point of time it was down by 144 points finally closed at 9741 (-113).
As mentioned earlier, a close below 9875 deteriorates the situation and we can further see Nifty drifting down towards 9450/9350 levels. 9350 levels seems to be inevitable in the coming days. The down trend may be slow even if the global scenario improves.
Bank Nifty also lost its critical level of 24300 and closed near 24000. We can see move down up to 22850/22500.
Please note that this correction is not due to Trump or Kim. This is purely technical. How long one can go long without any correction?
Do not get into call option unless the trend reverses. When market reverses we need no news. I will post trend reversal. News will follow. You can make a note of it when it happens as you follow me every day in this blog.
Nifty support Positional : 9675/50/9593/9450. If 9450 is breached then last level support 9350. Hope the correction ends between 9450-9350 level.
Bank Nifty Positional : 24050/23675/23450/23375/23000/22850/22500.
BE PREPARED FOR FURTHER CORRECTION AS 50-100 POINTS RECOVERY IS MEANINGLESS IN THIS MARKET. SAME REVERSAL HAPPENED IN NOVEMBER 2016 AFTER DEMONETIZATION AND MARKET PLUNGED TO LOWS EVERYDAY FROM THERE ! HISTORY REPEATS!
AS OF NOW TREND IS DOWN!
Happy Trading!
Good reliable information sir. Thank you very much.
ReplyDeleteThanks for your valuable inputs
ReplyDeleteAn excellent analysis. As per last Friday trade it seems Nifty would be plus but how the playout would be done by the biggies I failed to guess, but now I am certain now for your class advice.Thank You very much Sir 😋
ReplyDeleteVery good analysis sir. Van we go short now
ReplyDelete